By Cristal Cody
Tupelo, Miss., April 2 – Lloyds Banking Group plc priced $1.5 billion of 3.87% senior callable fixed-to-fixed rate notes due July 9, 2025 (A3/BBB+/A+) at par to yield a spread of 350 basis points over Treasuries on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 375 bps area.
The rate on the notes will reset July 9, 2024 to a fixed rate of one-year Treasuries plus 350 bps.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC were the bookrunners.
The London bank and financial services group plans to use the proceeds for general corporate purposes.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $1.5 billion
|
| Description: | Senior fixed-to-fixed rate notes
|
| Maturity: | July 9, 2025
|
| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
|
| Coupon: | 3.87%; resets July 9, 2024 to one-year Treasuries plus 350 bps
|
| Price: | Par
|
| Yield: | 3.87%
|
| Spread: | Treasuries plus 350 bps
|
| Call feature: | July 9, 2024 at par
|
| Trade date: | April 2
|
| Settlement date: | April 9
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 375 bps area
|
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